Industrial Inkjet up 10%; Productivity Software Grows by 7%
CEO Gecht Informed Board He Intends to Step Down Once His Successor is Named
FREMONT, Calif. – Electronics For Imaging, Inc., a world leader in customer-focused digital printing innovation, today announced its results for the second quarter of 2018.
For the quarter ended June 30, 2018, the Company reported record second quarter revenue of $261.1 million, up 6% compared to second quarter 2017 revenue of $247.0 million. GAAP net income was $3.8 million compared to GAAP net income of $2.8 million for the same period in 2017 or $0.08 per diluted share compared to $0.06 per diluted share for the same period in 2017. Non-GAAP net income was $22.6 million, down 11% compared to non-GAAP net income of $25.5 million for the same period in 2017 or $0.50 per diluted share, down 7% compared to $0.54 per diluted share for the same period in 2017. Cash flow from operating activities was $30.9 million compared to $24.1 million during the same period in 2017.
For the six months ended June 30, 2018, the Company reported revenue of $500.9 million, up 5% year-over-year compared to $475.7 million for the same period in 2017. GAAP net income was $0.2 million or $0.00 per diluted share, compared to $7.5 million or $0.16 per diluted share for the same period in 2017. Non-GAAP net income was $39.8 million or $0.88 per diluted share, compared to non-GAAP net income of $51.3 million or $1.09 per diluted share for the same period in 2017. Cash flow from operating activities for the six months ended June 30, 2018, was $37.2 million compared to $39.0 million during the same period in 2017.
“2018 continues to track well for EFI, with the team delivering record Q2 revenues and solid cash generation despite the significant impact of currency volatility during the quarter,” said Guy Gecht, CEO of EFI. “I’m especially pleased with the continued progress and increased sales pipeline for our Nozomi platform, validating EFI’s leadership role in the digital transformation of industries such as packaging and fashion, where colorful images truly matter.”
In a separate press release, the Company announced today that Guy Gecht, EFI’s longtime CEO, informed the Board that he intends to step down once his successor is named. Spencer Stuart, a leading global executive search firm, has been retained to conduct the search, which includes both internal and external candidates. Upon leaving his operating role, Gecht will remain a member of the Board of Directors of EFI.
EFI will discuss the Company’s financial results by conference call at 5:00 pm ET/2:00 pm PT today. Instructions for listening to the conference call over the Web are available on the Investor Relations portion of EFI’s website at www.efi.com.